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Buying a home with existing tenants involves a few additional obligations on buyers and sellers asthere is another party involved (the tenant), and there are additional provincial laws that appy (the Residential Tenancy Act) Prior to considering the purchase of a rental property buyers should ensurea) that the ...

When a non-resident of Canada is the Seller of real property special considerations apply to ensure that the government of Canada is paid all applicable taxes on sales116 Income Tax Act - provides that the BUYER must withhold between 25-50% [depending on the nature of the property] of the Purchase Price from the Se...

Unfortunately, there are only two universal truths in life, death and taxesWhen the former arises, an estate sale is usually the result As the heirs of the deceased, a binding contract for the sale of the home can only be entered into once the estate has done the following:obtained a grant of probate or lette...

Most people think of condos when they think of strata property, however in British Columbia, strata property can include detached and semi-detached homes, apartments, and even bare land The Strata Property Act imposes rules on the home owner which regulates the home owners use of the lands The rules can include pet res...

Affordable Housing Covenants are generally registered on your land title as s905 LGA notices and s219 LTA Covenants These covenants limit a) WHO can live in the property and b) HOW MUCH the property can be sold forThe OWNER (meaning all persons on title) must:RESIDE in the Property; Be part of a HOUSEHOLD wh...

At common law, in British Columbia, land tenures can be generally divided into two large catagories, fee simple land and leasehold landsFee simple lands (also called freehold lands) are lands where the owner owns all the property rights associated with thoses lands, except the rights which are reserved for the Crown (f...

For sellers the essential bargain in a real estate transaction is "I give you my house, free an clear, and you give me money"The "free and clear" part is key, it means that the Seller is giving the Buyer title free and clear of all financial encumbrances on title A financial encumbrance includes things like your mortga...

This exemption is more limited than most first time home buyers realize, its not enough that this is your first home in British Columbia, to qualify you must meet all of the following criteria:Be a Canadian Citizen or Permanent Resident Must have resided in BC for the last 12 months, and at least 2 of the last 6...